Is it not time for LLoyds and BOS to return there Club and Vantage accounts to there original Terms

edited 7 February at 12:29AM in Budgeting & bank accounts
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35har1old35har1old Forumite
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edited 7 February at 12:29AM in Budgeting & bank accounts

Lloyds launches current account paying up to 4% interest - but you'll need a bumper bank balance

CLUB LLOYDS LAUNCHED 31st MARCH 2014 perhaps before that it was advantage?

BANK OF ENGLAND BASE RATE APRIL 2014 0,5%                   NOW 4%

Lloyds is the latest bank to tempt desperate savers with an interest-paying current account - offering up to 4 per cent for balances between £4,000 and £5,000.

Available from Monday, the account pays higher rates of interest the greater your balance and customers also gain access to a 4 per cent regular saver account and discounts on mortgages rates - as well as free cinema tickets.

But the account requires a £1,500 minimum monthly deposit and there are hefty charges for straying into the red, while those with less than £2,000 in their account will only get 1 per cent interest.

Rate-chasing savers could use this account to boost income

The Club Lloyds account is open to both new and existing customers and pays 1 per cent on in-credit balances of between £1 and £1,999, 2 per cent up to £3,999 and 4 per cent up to £5,000 for an unlimited period.

Lloyds says a saver with £5,000 in the account could get a maximum of £196 in interest per year, which actually works out as 3.93 per cent return as interest is calculated monthly.


The main reason given for change was the low Bank of England Rate 




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  • edited 6 February at 11:45AM
    ZandermanZanderman Forumite
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    edited 6 February at 11:45AM
    Just quoting some historic letters/emails and news items doesn't make a case for a return to the best conditions for savers.

    Lloyds/BoS can set whatever interest rate they like, they've no obligation to change things to exactly how they were once. All banking products change.

    And why ask here?  Asking Lloyds and BoS would be a better option.
  • Only challenger bank Virgin Money offer some okaish interest on their free current account. 
    They seem (Lloyds & Halifax) more active in the switching incentive arena at the moment.
  • ForumUser7ForumUser7 Forumite
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    Only challenger bank Virgin Money offer some okaish interest on their free current account. 
    They seem (Lloyds & Halifax) more active in the switching incentive arena at the moment.
    Kroo? They pay more than VM rn
    If you want me to definitely see your reply, please tag me @forumuser7 Thank you. DYOR, YMMV etc.
  • StrictGold5208StrictGold5208 Forumite
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    There are lots of things Lloyds should bring back!

    https://m.youtube.com/watch?v=JR4-1kYCyHI
  • ndrwndrw Forumite
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    Where club accounts and to where original terms?
  • BallardBallard Forumite
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    There’s every chance that I’m missing something but as far as I can make out, the interest is tiered so you’d only got the top rate on the £1,000 between £4,000 & £5,000 but the £196 is actually calculating at the top rate on the full amount for a year. 
    I hate verisimilitude.
  • edited 6 February at 7:16PM
    Middle_of_the_RoadMiddle_of_the_Road Forumite
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    edited 6 February at 7:16PM
    Ballard said:
    There’s every chance that I’m missing something but as far as I can make out, the interest is tiered so you’d only got the top rate on the £1,000 between £4,000 & £5,000 but the £196 is actually calculating at the top rate on the full amount for a year. 
    All that promotion info was for a long gone (2014)offer. NOT current.
  • wmb194wmb194 Forumite
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    Ballard said:
    There’s every chance that I’m missing something but as far as I can make out, the interest is tiered so you’d only got the top rate on the £1,000 between £4,000 & £5,000 but the £196 is actually calculating at the top rate on the full amount for a year. 
     No, once you reached the tier it applied to the entire balance. Anyway, it's all moot.
  • edited 7 February at 8:32AM
    ZandermanZanderman Forumite
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    edited 7 February at 8:32AM
    wmb194 said:
    Ballard said:
    There’s every chance that I’m missing something but as far as I can make out, the interest is tiered so you’d only got the top rate on the £1,000 between £4,000 & £5,000 but the £196 is actually calculating at the top rate on the full amount for a year. 
     No, once you reached the tier it applied to the entire balance. Anyway, it's all moot.
    No, it only applied to the amount between 4k and 5k.

    Edited to add: Apologies, wmb194 is correct - see later replies below
  • BallardBallard Forumite
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    Ballard said:
    There’s every chance that I’m missing something but as far as I can make out, the interest is tiered so you’d only got the top rate on the £1,000 between £4,000 & £5,000 but the £196 is actually calculating at the top rate on the full amount for a year. 
    All that promotion info was for a long gone (2014)offer. NOT current.
    https://www.lloydsbank.com/current-accounts/rates.html

    The rates seem to be current. 
    I hate verisimilitude.
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